Debtor’s Dilemma. It’s Time to ACT!

A Debtor Must Face the Reality of His Plight and Act

Ouch! That’s about the one best word to describe my reaction after talking with those of you who called me, anonymously, to discuss problems related to cash flow. Most callers indicate inability to pay back loans, such as SBA, bank lines, family help. Many also have vendor debt and are struggling to pay some now, others later, and vice versa so that supplies keep coming. Worst of all, many owe their ZOR and cringe over that fact. Ouch!

So few realize that help is available. And help should not be in the realm of borrowing money to pay debt. Borrowed money IS debt, and usually serves only to increase the fragility of the situation. Instead, it’s time to look at and carefully consider what a Payables Manager can do. Ahem, but permit me to explain; and I’ve had 45 years experience working situations exactly as described above.

A Payables Manager serves by being an Authoritative Third party, representing a Debtor in all contacts with that debtor’s selected creditors. Having a full sense of each Debtor’s actual situation the Payables Manager provides work-out solutions and executes these for the Debtor’s benefit. Determination is made of the Debtor’s objectives of either staying in business or of closing and moving on. Professional execution, controlled by the Debtor will work to satisfy creditors while resolving a Debtor’s Dilemma... Debtors seeking to do this alone, without professional help find it time consuming, costly and frustrating. Most end up in bankruptcy.

To be in debt and not to act is Ostrich-like, it is a denial. Doing nothing is the worst thing one in debt can do. Almost as harmful, is the thrashing, the process of offering unfulfillable promises coupled with the time lost chasing answers and in the anguish of losing sleep. Like any good cook, there are recipes that work to achieve the best taste-delight. A Debtor MUST act. He must face the reality of his plight and should determine and then work a plan to satisfy each of his creditors.

If this blog touches you in any way, I invite your anonymous call so we can confidentially discuss your situation. I can be reached at 800/883-5080. Why not obtain the experienced response of a professional? Call me, Jim Herst, 847/831-5080. If I’m not available, leave your first name and the magic word: Mau, I’ll get back to you.